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"Median Income for the Area" means the median income for the Orange <br />County, California PMSA as most recently detennined by HUD. Also may be referred to <br />interchangeably in the Loan Documents as "Area Median Income" or "AMP'. <br />"Partnership Agreement" means the Agreement of Limited Partnership <br />of 940 Minnie, LP dated <br />"Permitted Encumbrances for the Affordable Housing Restrictions" <br />means, collectively, the Senior Loan Deed of Trust and all other title exceptions and <br />limitations with respect to the Property hereafter approved by the Executive Director in <br />writing. <br />"Permitted Encumbrances for the City Loan Deed of Trust" <br />means, collectively, the Senior Loan Deed of Trust and all other title exceptions and <br />limitations with respect to the Property hereafter approved by the Executive Director in <br />writing. <br />"Project" means the acquisition and rehabilitation of the Property by <br />Developer pursuant to this Agreement. <br />"Project Budget" means the line -item budget for the Project <br />attached hereto as Exhibit C, as modified from time to time in accordance with this <br />Agreement. <br />"Project Costs" means all costs of any nature incurred in connection with <br />the Project in accordance with generally accepted accounting principles. <br />"Property" means the Property that is located at 940 S. Minnie Street, <br />within the City of Santa Ana, and is more fully described in the "Legal Description" of the <br />Property attached hereto as Exhibit A and incorporated herein by reference. <br />"Senior Lender" means Farmers and Merchants Bank or any other holder <br />of the Senior Loan Note(s). <br />"Senior Loan" shall mean the senior loan being made by Farmers and <br />Merchants Bank concurrent to the City Loan for payment of a portion of the acquisition <br />and rehabilitation costs, and shall include any subsequent loan that refinances the initial <br />Senior Loan. <br />"Senior Loan Deed of Trust" means the deed of trust securing the <br />Senior Loan by encumbering the Property. <br />"Senior Loan Documents" means, collectively, the loan agreement <br />governing the Senior Loan, the Senior Loan Note, the Senior Loan Deed of Trust, and <br />any other agreement, document or instrument that the Senior Lender requires in <br />connection with the Senior Loan. <br />"Senior Loan Note" means the promissory note evidencing the <br />